1 Jun 2015 By: Bruce Warburton 0 Comment
Winter is here but Melbourne’s property market is basking in the glow of exceptional buyer demand.
Hot on the heels of the Reserve Bank’s latest interest rate cut, buyers have responded to the latest incentive by flocking to inspections and turning out in force at auction. Across our network, we’re regularly seeing auction crowds of around 100 people with multiple bidders contesting the sale.
Stock levels haven’t managed to keep pace with buyer demand, which has prompted tougher competition among purchasers. The escalation in competition has, in turn, resulted in rising prices and clearance rates above 80 per cent.
A new report from Roy Morgan Research released last month indicates Melbourne now has a greater percentage of its population in the market to purchase property than Sydney where prices are booming.
For the majority of sellers across Melbourne, the increasingly positive market conditions suggest there hasn’t been a better time to sell.
Don’t let the opportunity pass you by. Requesting a free market appraisal today.